Guideline Value for KARUNANIDHI CHOLAN NAGAR

Karunanidhi Cholan Nagar guideline value

The current guideline value of Karunanidhi Cholan Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024. This area is located in Palavakkam village and falls under the Neelankarai SRO. The land classification for this street is Residential Class III Type - I.

How the guideline value of Karunanidhi Cholan Nagar has changed

The guideline value for Karunanidhi Cholan Nagar has undergone several revisions over the years. In 2002, the guideline value was Rs 305 per sq.ft, which increased to Rs 341 per sq.ft in 2003. Following this, the value saw significant growth, reaching Rs 1,000 per sq.ft in 2007, and then Rs 2,500 per sq.ft in 2012. However, it decreased to Rs 1,675 per sq.ft in 2017. The value then rose to Rs 2,500 per sq.ft in 2023 before reaching the current rate of Rs 2,800 per sq.ft in 2024.

The changes between the revisions indicate a notable increase. From 2002 to 2024, the overall increase is 818%. The most significant jump occurred from 2007 to 2012, with a rise of 150%, while the most recent change from 2023 to 2024 reflects a 12% increase.

Guideline values in Palavakkam

In Palavakkam, there are 349 streets under the Neelankarai SRO that carry a 2024 guideline value ranging from Rs 1,000 to Rs 8,800 per sq.ft. The median guideline value in this area is Rs 3,300 per sq.ft, placing the current rate for Karunanidhi Cholan Nagar below this median.

• Karunanidhi Cholan Nagar (Veeramani Salai): Rs 2,800 per sq.ft (2024)
• Kareem Nagar 2nd Street: Rs 2,200 per sq.ft (2024)
• Kareem Nagar 1st Street: Rs 2,200 per sq.ft (2024)
• Kareem Nagar: Rs 2,200 per sq.ft (2024)
• Kazura Garden(@ Balavakkam): Rs 4,400 per sq.ft (2024)
• Kandasami Nagar 9th Street: Rs 4,400 per sq.ft (2024)

Stamp duty and registration fee for property in Karunanidhi Cholan Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,800 per sq.ft, the total guideline value would be Rs 28,00,000. The stamp duty at 7% would amount to Rs 1,96,000, and the registration fee at 2% would be Rs 56,000, bringing the total charges to Rs 2,52,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use the stamp duty and registration fee calculator for more details on fees applicable to your property.

Which Sub Registrar Office covers Karunanidhi Cholan Nagar?

The Sub Registrar Office that covers Karunanidhi Cholan Nagar is the Neelankarai Sub Registrar Office, located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Palavakkam

The guideline value is a crucial factor in the registration process when buying or selling property in Palavakkam. It serves as a benchmark for determining the stamp duty and registration fees that need to be paid during the transaction.

When a property is sold, the guideline value is compared to the sale price, and the higher of the two is used to calculate the applicable duties and fees. This ensures that the registration process is transparent and standardized across the region.

Frequently asked questions

What is the current guideline value of Karunanidhi Cholan Nagar?

The current guideline value of Karunanidhi Cholan Nagar is Rs 2,800 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 305 per sq.ft in 2002 to Rs 2,800 per sq.ft in 2024, reflecting an overall increase of 818% over the years.

What is the land classification for Karunanidhi Cholan Nagar?

Karunanidhi Cholan Nagar is classified as Residential Class III Type - I, which indicates the type of residential development permitted in the area.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 28,00,000, the stamp duty would be Rs 1,96,000 and the registration fee would be Rs 56,000, totaling Rs 2,52,000.

Where is the Sub Registrar Office for Karunanidhi Cholan Nagar located?

The Neelankarai Sub Registrar Office is located at 2/71, Gajura Garden, 2nd St, East Coast Road, Neelangarai, Ch-41, Chennai registration zone.